February rise in sheepmeat exports helps lift in total goods exports

A rise in sheepmeat exports helped a rise in total goods exports for the country in February, compared with a year earlier.

The latest figures from Statistics NZ show that exports of primary products led the rise in total goods exports in February 2014 – this includes rises for milk powder, logs, and sheepmeat exports. The value of exported goods rose $663 million (17 percent) to $4.6 billion in February 2014, compared with February 2013.

Goods exports to China rose $388 million (49 percent), which was driven by primary products, up $398 million in February 2014.

“The rise in dairy this month was supported by logs and meat, with much of the increase in these commodities destined for China,” industry and labour statistics manager Louise Holmes-Oliver said.

Exports of meat and edible offal rose $92 million (17 percent) in February 2014, led by sheepmeat.

The value of imported goods rose $277 million (8.0 percent) to $3.7 billion. The main contributors to the increase were intermediate goods (up $148 million) and capital goods (up $135 million).

The trade balance for February 2014 was a surplus of $818 million (18 percent of exports). This is the highest-ever trade surplus for any February month and compares with a surplus of $432 million (11 percent of exports) in February 2013.

Seasonally adjusted exports rose 4.0 percent in February 2014 compared with January 2014. Milk powder, butter, and cheese led this increase. Seasonally adjusted imports rose 2.8 percent in February 2014.

 

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